Court Case Brief

In: Business and Management

Submitted By racho
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Donald R. Schroerlucke, And Joyce D. Schroerlucke V United States 2011WL 4440599 (Fed.Cl) No. 09-772T
Plaintiff Donald Schroerlucke is a former employee of WorldCom, Inc. His wife is Joyce D. Schroerlucke. In 1989, Mr. Schroerlucke was employed as Vice President of Operations at Long Distance Discount Services, Inc., the predecessor corporation to WorldCom. Pursuant to stock option agreements with Long Distance Discount Services, Inc., and then with WorldCom, Mr. Schroerlucke accumulated employee stock option grants between July 1991 and January 1998. His employment with WorldCom ended on January 4, 1999.
According to the terms of the stock option agreements and an April 7, 1998 memorandum titled, “WorldCom Employee Stock Option Program,” Mr. Schroerlucke was required to immediately exercise all of his employee stock options at the end of his employment. On January 2, 1998, Mr. Schroerlucke had accumulated 172,492 WorldCom stock options. Mr. Schroerlucke exercised all of his existing stock options on February 12, 1999, at which time the market value of his 172,492 WorldCom shares was $13,702,333.25, based on the $79.4375 per share, February 12, 1999, closing price of WorldCom stock.1.
According to the criminal Mr. Ebbers (CEO) and Mr. Sullivan (CFO Scott Sullivan) presented a “materially false and misleading picture of WorldCom’s operating performance and financial results” as part of a “scheme to deceive” and “inflate and maintain artificially the price of WorldCom common stock.” Mr. Schroerlucke was not eligible to participate in the securities fraud class action lawsuit which was brought against WorldCom on April 30, 2002. Only those who had purchased WorldCom stock between April 29, 1999 and June 25, 2002 were eligible. See In re WorldCom, Inc., Sec. Litig., 294 F. Supp. 2d 392, 397 (S.D.N.Y.), motion to certify appeal…...

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